Prepare journal entries for the transactions accomplished

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Reference no: EM13144782

create journal entries for the transactions accomplished in each month.

July 1999: Assume E&P issues at 97, 10-year term bonds with a par value of $800,000, dated January 1, 2012, and bearing interest at an annual rate of 10 percent payable semiannually on January 1 and July 1. Create journal entries to record the issuance.

August 1999: E&P issues 300 shares of $10 par value common stock for $4,500.

October 1999: E&P has an arrangement with schools and non-profits that E&P will provide a 3% volume discount to its customers if they purchase at least $10,000 in products during one month. On October 1, 1999, E&P has made sales of $7000 to San Quentin University (SQU). In the previous two months, E&P sold over $23,000 to SQU. If SQU fails to make the discount threshold, what entry will E&P have to make upon forfeit of the discount.

Reference no: EM13144782

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